Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $84,000 and Cost of Goods Sold of $448,000.

a.

Included in Inventory (and Accounts Payable) are $12,800 of lenses held on consignment.

b.

Included in the Inventory balance are $6,400 of office supplies held in SLC's warehouse.

c.

Excluded from the Inventory balance are $9,400 of lenses in the warehouse, ready to send to customers on January 1. SLC reported these lenses as sold on December 31, at a price of $17,800.

d.

Included in the Inventory balance are $3,700 of lenses that were damaged in December and will be scrapped in January, with no recoverable value.